Advantages of Switching Credit Cards
Whether it is taking advantage of introductory offers or simply deciding that you need a better deal than you have already, switching credit cards is an everyday part of life now. If you choose your new credit card wisely, the advantages could prove beneficial to you.
We are going to look at some of the advantages of switching your card and how it may benefit you.
Lower Annual Percentage Rate
A credit card with a lower APR could be beneficial if you do not pay your balance in full monthly. Having a lower APR would mean paying less interest on your outstanding balance. If you had bad credit in the past and could only get a high interest credit card, you may now be able to get a credit card with a lower APR.
Does your current credit card have a rewards or cash back scheme included? Are you benefiting from the reward scheme you currently have in place? It is better to find a card that you would benefit from rather than wasting rewards. Store vouchers could help you with your grocery shopping. If you are a frequent flyer air miles could save you some money on your flights. Travelers could be racking up hotel points. Think about the reward scheme and ask yourself if you would use the vouchers etc. If not, consider moving to a card that offers rewards you will take advantage of.
Affinity Credit Cards
Affinity cards offer a benefit to another organization through your usage. Certain charities offer branded cards. A small percentage of every dollar you spend is sent to the charity as a donation. You will generally find that affinity credit cards have the same incentives that other credit cards have and helps others all at the same time.
Thinking about switching credit cards?
There are many different options to think about. Don’t just stick to your current credit card out of habit make. Make your credit card decisions work for you whatever your circumstances.